Chunghwa Telecom, Formosa, Hua Nan, Sinopec: Asia Ex-Japan Stocks Preview
The following companies may have unusual price changes today in Asian trading, excluding Japan. Stock symbols are in parentheses and share prices are from the previous close, unless noted otherwise.
China Petroleum & Chemical Corp. (600028) (600028 CH): Oil refining losses are “common” in China, Asia’s biggest refiner’s Chairman Fu Chengyu told reporters in Hong Kong yesterday. Non market-based fuel pricing is unsustainable for companies and the country, Fu said. The government will accelerate fuel-pricing reforms after considering the macro-economy, he told reporters. The stock rose 0.7 percent to 7.39 yuan.
Chunghwa Telecom Co. (2412 TT): Taiwan’s largest phone operator was cut to “hold” from “buy” at Deutsche Bank AG by equity analyst William Bratton. The 12-month share-price estimate is NT$96. The stock was unchanged at NT$101.
Formosa Plastics Corp. (1301) (1301 TT): The polyvinyl chloride maker reported first-half net income of NT$26.1 billion ($899 million), compared with NT$20 billion a year earlier, the company said in a statement to the Taiwan stock exchange yesterday. The stock was unchanged at NT$90.10.
Hua Nan Financial Holdings Co. (2880 TT): The financial services company plans to sell 1.2 billion shares, the company said in a statement to the Taiwan stock exchange yesterday. About 75 percent of the shares will be sold in a rights offer. The proceeds will be invested in its unit Hua Nan Commercial Bank and for expansion, the statement said. The stock increased 1.5 percent to NT$20.05.
Lock & Lock Co. (115390 KS): The maker of plastic food containers plans to sell 5 million new shares to raise 143.5 billion won ($133.6 million), according to a regulatory filing yesterday. The stock advanced 3.8 percent to 37,950 won.
Far Eastern International Bank (2845) (2845 TT): ING Groep NV agreed to sell its Taiwan securities unit to Far Eastern International Bank, the company said in a statement yesterday, without giving financial details. The stock gained 2.3 percent to NT$13.45.
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